Transtar Metals, Inc.
Announces Sale of Transtar Metals
to A.M. Castle & Co.
H.I.G. recapitalized Transtar in December 2002 in partnership with the company's Executive team led by CEO Steve Scheinkman.
Since that time, H.I.G.
and the Transtar
management team have worked together to focus and strengthen the business by exiting non-core business units, rationalizing the facility base, converting customers to long term contracts and gaining market share by strategically aligning with high growth customers and market segments.
Excluding the revenue from previously divested divisions, as well as from Transtar's 50% stake in All Metal Services which is being retained by H.I.G.
, the Company's revenue increased by over 90% to $275 million during the time of H.I.G.'s ownership.
The Management team was also able to drive margins substantially higher in the same time period.
Steve Scheinkman, CEO of Transtar, commenting on the deal, said "H.I.G. has been a strong and loyal partner to the management team through thick and thin.
They consistently provided insightful strategic advice, access to capital, and did lots of heavy lifting.
Most importantly, they always kept their word."
Matt Sanford, Managing Director of H.I.G., commented, "Working with Steve Scheinkman and his exceptional management team has been a great experience.